Two Volkswagen engineers, Michael Stamp and Marcus Plank, have been charged by the U.S. Department of Justice with securities fraud connected to insider trading involving Rivian. According to an indictment unsealed on July 24, 2026, the engineers used confidential information about Volkswagen’s joint venture plans with electric vehicle maker Rivian, known internally as "Project Climb," to buy Rivian stock and options before the joint venture was publicly announced. This collaboration, initially revealed on June 25, 2024, involves Volkswagen committing up to $5 billion to Rivian, which has since risen to $5.8 billion, making Volkswagen the largest shareholder in Rivian.

The alleged insider trading enabled the two engineers to make over $300,000 in illicit profits from stock trades timed to benefit from the jump in Rivian’s stock price following the joint venture announcement, which saw a 23% rise. Stamp reportedly earned about $250,000 in gains, Plank approximately $50,000, and a family member of Plank realized $12,000. The indictment details how the accused sought information on insider trading laws shortly before the public disclosure, with Stamp researching the statute of limitations and Plank’s relative inquiring about legal consequences, indicating awareness of the illegal nature of their actions.

Both Stamp and Plank, residents of San Jose, were arrested and are expected to appear in U.S. District Court in California. If convicted, each faces up to 25 years in prison for federal securities fraud charges. Volkswagen responded with a statement emphasizing that the charges target specific individuals and there are no allegations against the company itself. Rivian declined to comment on the matter.

U.S. Attorney Jay Clayton highlighted the impact of such insider trading cases, stressing that abusing confidential corporate information undermines market integrity and investor trust. This case underscores law enforcement’s determination to hold accountable those who exploit privileged information for personal gain, reinforcing efforts to maintain fairness and confidence in financial markets.